EUROPE'S GAS DIVERSIFICATION

EUROPE'S GAS DIVERSIFICATION

REUTERS - The European Union will seek to double imports of liquefied natural gas (LNG) from the United States by 2023, as part of its efforts to ease transatlantic trade tensions and reduce its reliance on Russian gas.

The European Commission, which coordinates trade policy for the 28-nation bloc, said on Thursday it plans to increase imports to 8 billion cubic meters (bcm) per year, more than double the level of 2018.

Global oversupply that has pulled spot LNG prices down by more than 50 percent over the past half-year has producers succumbing to consumer demands for fuel on shorter notice and without sourcing or destination restrictions.

The meeting participants stressed the success of the operating Nord Stream gas pipeline and the great importance of the under-construction Nord Stream 2 gas pipeline for the energy security of Europe and Germany in particular.

PAO NOVATEK (“NOVATEK” and/or the “Company”) announced that its joint venture with Gazprombank Cryogas-Vysotsk has commenced full-scale production of liquefied natural gas (LNG). During the official ceremony at the port of Vysotsk, Russian President Vladimir Putin has formally started the Cryogas-Vysotsk LNG project.

The rules governing the EU's internal gas market will in future also apply to pipelines to and from third countries. The Council today formally adopted an amendment to the so-called gas directive which aims at closing a legal gap in the EU's regulatory framework and boosting competition in the gas market. This is the final step in the legislative process.

The chief executive of the Abu Dhabi National Oil Company (ADNOC) said that the long-term outlook for global energy demand was “robust” and that investment of $11 trillion in oil and gas was needed to keep up with projected demand.

Over January-August, China imported a total of 63.04 million mt, or 86.93 Bcm of natural gas, up 10.3% from 57.15 million mt, or 78.81 Bcm, during the same period last year, according to the customs data.

The United States will continue to impose sanctions on whoever purchases Iran’s oil or conducts business with Iran’s Revolutionary Guards and no oil waivers will be re-issued, a U.S. official said on Sunday.

"Energy is essential for promoting human development and global demand is projected to increase significantly in the coming decades," Rising said. "Securing access to modern and affordable energy is essential for all, lifting people out of poverty and promoting energy independence and economic growth. Nuclear energy is a proven solution with a long established track record.

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